Prez urges nation not to panic post decision to scrap Rs. 500, 1000 notes

Welcoming the bold step taken by the government to declare that all Rs. 1000/500 currency notes will cease to be legal tender from Tuesday midnight, President Pranab Mukherjee has called upon the people not to panic as this move will help unearth unaccounted money as well as counterfeit currency.

"He called upon people not to panic and to follow the government's guidelines for exchanging currency notes of Rs 1000/500 denomination available with them. He reminded that all currency notes below Rs 500 will continue as legal tender," the statement said.

The President also called upon all to avail upon the opportunity provided by the government to exchange currency notes of Rs. 1000 and 500 denomination for new legal tender.

Earlier in the day, Prime Minister Narendra Modi announced that the currency notes of Rs. 500 and Rs. 1000 denominations will not be legal tender beginning November 9.

The Prime Minister also added that all banks will remain closed for public work tomorrow.

"Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror - this has been proven repeatedly. The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society. From midnight November 8 today, Rs. 500 and Rs. 1000 notes are no longer legal tender," Prime Minister Modi said.

"You have 50 days (From November 10 to December 30) to deposit notes of Rs. 500 and Rs. 1000 in any bank or post office. Respite for people for the initial 72 hours. The government hospitals will accept old Rs. 500 and Rs. 1000 notes till November 11 midnight," he added.

Prime Minister Modi said notes of Rs. 2000 and Rs. 500 will be circulated soon.

"The RBI has decided to limit the notes with higher value. There will be more purification the more we get support from you. Let's continue the process of cleanliness and work together for successful completion of this initiative. We want to take this fight against corruption even ahead," he added.

The Prime Minister further said ATMs will not work on November 9 and in some places on November 10.

"There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc," he added.

Listing out the various schemes launched by the NDA government, Prime Minister Modi in his address to the nation also laid emphasis on the Jan Dhan Yojana.

"When we were elected in 2014, there was a discussion that among BRICS nations, the 'I' was wobbling. India has registered itself as a bright spot and it's not that this is a claim made by us, but by IMF and World Bank. This government is dedicated to the poor and will continue to do so. Few people have spread the disease of corruption for its own interest," he said.

The Prime Minister asserted that the government is dedicated for upliftment of the entire society.

"There is a time when you realise that you have bring some changes in society and this is our time to feel the same. Corruption and black money is something we have fought for immediately after assuming office," he added.